Para acceder a los documentos con el texto completo, por favor, siga el siguiente enlace: http://hdl.handle.net/10230/771

Economic booms, trade deficits and economic policy
Alcalá, Francisco; Peñarrubia, Diego
Universitat Pompeu Fabra. Departament d'Economia i Empresa
Many economic booms have been accompanied by realexchange rate appreciations, large trade defcits -whichhave sometimes persisted after the return to the initialexchange rate parity- and a deteriorating traded sector.Those circumstances have typically raised the questionof the de-sirability of some stabilization policy. We show that the dynamics induced by an expectedproductivity shock in an economy where the capital stockis non-mobile across sectors, match those circumstances.Furthermore, we obtain that credit market imperfectionstend to exacerbate trade deficits, and to cause aninefficient capacity reduction in the traded sector.Some stabilization policies are explored.
15-09-2005
Macroeconomics and International Economics
new open economy macroeconomics
non-traded-goods
financial accelerator
trade deficit persistence
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Documento de trabajo
         

Mostrar el registro completo del ítem

Documentos relacionados

Otros documentos del mismo autor/a